Republic Acts

REPUBLIC ACTS

REPUBLIC
ACT NO. 724

REPUBLIC ACT NO. 724 - AN ACT TO
EXTEND THE EFFECTIVITY OF REPUBLIC ACT NUMBERED FIVE HUNDRED AND
EIGHTY-NINE, BY AMENDING SECTION SEVEN THEREOF, ENTITLED "AN ACT TO
AMEND SECTION ONE HUNDRED AND THIRTY-THREE, ONE HUNDRED AND
THIRTY-FOUR, ONE HUNDRED AND THIRTY-FIVE, ONE HUNDRED AND THIRTY-SEVEN,
ONE HUNDRED AND FORTY, AND ONE HUNDRED AND FORTY-SEVEN OF COMMONWEALTH
ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE
NATIONAL INTERNAL REVENUE CODE AS AMENDED

Section 1.
Section seven of Republic Act Numbered Five hundred and eighty-nine is
amended to read as follows:

"Sec. 7. This
Act shall take effect upon its approval but, unless otherwise expressly
extended by Congress, the increased rates of tax provided for in this
Act shall continue in force and effect only until December thirty-one,
nineteen hundred and fifty-three, after which period the actual rates
of tax shall again be in force."